TT&A is assisting Asian Development Bank (“ADB”) in its USD denominated term loan facility of up to USD 131 million to Nhava Sheva Freeport Terminal Private Limited (“Borrower”), an equal joint venture between J M Baxi Ports & Logistics Ltd and CMA Terminals, which will be involved in upgrading, operating and maintaining the Jawaharlal Nehru Port Container Terminal in Navi Mumbai. The key financing documents for this transaction were executed on January 20, 2023.

TT&A was instrumental in tying up the Indian law documentation and providing regulatory advice on various aspects, including on the issues arising from the Concession Agreement, the requirements and issues relating to security creation, in order to bring the first leg of the transaction to fruition. TT&A continues to advise ADB on the pending Indian law documentation and requirements for the disbursement of the ADB facility. Subject to the applicable conditions being met, the Borrower would be the first private concessionaire to operate and maintain a major port under the purview of the Major Port Authorities Act, 2021 and the new concession agreement in relation to major ports.

TT&A Team: Gautam Saha & Ambarish Mohanty – Partners; Pratha Agarwal -Managing Associate; Tania Chourasia, Yashika Jain & Bonny Singh – Senior Associates and Dev Jain – Associate